Ibotta (NYSE:IBTA) Shares Up 3.3% – Here’s What Happened

Ibotta, Inc. (NYSE:IBTA) was up 3.3% on Wednesday . The company traded as high as $42.29 and last traded at $41.99. 39,303 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 251,975 shares. The stock had previously closed at $40.64.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on IBTA shares. Evercore set a $42.00 target price on shares of Ibotta in a report on Tuesday, August 4th. Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a research report on Monday. Wells Fargo & Company boosted their price objective on shares of Ibotta from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 4th. Needham & Company LLC restated a “buy” rating and set a $45.00 price target on shares of Ibotta in a report on Tuesday, August 4th. Finally, Zacks Research upgraded shares of Ibotta from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $36.50.

Ibotta Trading Up 3.0%

The firm has a market capitalization of $845.57 million, a P/E ratio of -89.06 and a beta of -0.25. The stock has a 50 day simple moving average of $35.45 and a 200-day simple moving average of $33.03.

Insider Buying and Selling

In other Ibotta news, Director Thomas D. Lehrman sold 19,561 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $36.22, for a total value of $708,499.42. Following the completion of the transaction, the director directly owned 25,312 shares in the company, valued at $916,800.64. This represents a 43.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Jermoluk Founders Fund I. Clark sold 500,000 shares of the company’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $30.15, for a total transaction of $15,075,000.00. Following the completion of the transaction, the insider directly owned 3,341,308 shares of the company’s stock, valued at $100,740,436.20. This represents a 13.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 616,068 shares of company stock valued at $19,319,255. 20.92% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IBTA. Hsbc Holdings PLC boosted its position in shares of Ibotta by 1.5% during the first quarter. Hsbc Holdings PLC now owns 1,009,287 shares of the company’s stock worth $30,581,000 after acquiring an additional 15,310 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Ibotta by 17.7% during the 1st quarter. Renaissance Technologies LLC now owns 239,300 shares of the company’s stock worth $7,172,000 after acquiring an additional 35,992 shares in the last quarter. Bank of America Corp DE lifted its position in Ibotta by 17.8% during the first quarter. Bank of America Corp DE now owns 239,167 shares of the company’s stock valued at $7,168,000 after purchasing an additional 36,223 shares during the last quarter. Sei Investments Co. purchased a new position in Ibotta in the first quarter worth about $344,000. Finally, Aristides Capital LLC purchased a new position in shares of Ibotta in the 4th quarter worth approximately $220,000.

About Ibotta

Ibotta, Inc is a technology company that operates a digital promotions and rewards platform. Its services connect consumers with cash-back offers on groceries, household products, apparel, electronics and other categories, while helping brands and retailers deliver targeted promotions and measure consumer engagement.

Consumers can access Ibotta offers through the company’s mobile application and website, as well as through integrations with participating retailers and loyalty programs.